• Its geographical market definition accounts only for a factor that is no longer relevant and for none of the factors that matter in a competitive market. • Its use of uncommitted-shares registers more market power when the market itself is more competitive and less market power when it is less competitive. Thus it often reads in reverse the impact of the market on the applicant. • It takes no...

While the effect speculators have on forward premiums (the difference between forward and expected spot prices) has been widely studied, there has been very little focus on the effect speculators have on competition in the product market. I study the effect speculators have had on production decisions and price levels in New York’s deregulated electricity market. For the Þrst two years of its o...

This paper examines the forward pricing efficiency of the local crude palm oil (CPO) futures market. In an efficient market, the relevant signal to be used by -the producers, traders and processors is simply the futures price. The forward pricing efficiency is measured in terms of the forecasting ability of Malaysian crude palm oil futures price on physical price. The relative predictive power ...

The Hall-Roeger methodology for the testing of market power is applied to Irish manufacturing industries for the period 1991-1999. The paper adapts their methodology to permit discrimination between input and output-price-based sources of market power. The empirical results do not indicate much evidence of significant imperfect competition in output markets but the results do point to evidence ...

This paper simulates a pool-based electricity market and identifies equilibrium patterns. A multiperiod framework that requires the use of continuous and binary variables is considered. Producers can be either price-takers or price-makers, although price-makers and their behavior characterize the market. The elasticity of the loads is modeled through piecewise constant pricedemand curves. The m...

One month of supply bids in the California ISO day-ahead energy market are analyzed in this paper. A total of 1.5 million records of bid data are studied. The bids are studied based on their types and their distribution at different hours. The relationship between the market price and the offered supply capacity are investigated. A data-driven estimate is provided for the aggregated supply curv...

E®ective competition in wholesale electricity markets is a necessary feature of a successful electricity supply industry restructuring. We examine the degree of competition in the California wholesale electricity market during the period June 1998 to September 1999 by comparing the market prices with estimates of the prices that would have resulted if owners of instate fossil fuel generating fa...

The worldwide electric power industry has seen many changes over the last 20 years. During this period many regulated or state-owned monopoly markets have been deregulated. In an electricity market, electricity price is decided based on demand and supply bids from the market participants; therefore, the importance of ShortTerm Load Forecasting (STLF) has been rising in these markets [1]. Load f...